Whether you plan to rent an apartment or buy a condo, one constant is the need for insurance. Although there are similarities between apartment and condo units, the coverage you need differs. Renters and condo owners can look to independent insurance agency Muller Insurance for all types of insurance policies. We work with more than two dozen insurance companies in over 25 states to find people affordable coverage. Here, Muller Insurance discusses the differences between condo and renters’ insurance and what your coverage will include.
What Is a Renters’ Insurance Policy?
Renters’ insurance is intended to provide coverage for someone’s personal property, as well as protect against liability claims that are not due to a structural problem. Some of the perils and hazards a renters’ insurance policy covers include:
- Appliances you own
- Electronics
- Fire
- Furniture
- Personal property
- Storms
- Theft
A renters’ insurance policy can also provide living expenses if a renter’s living space is damaged and they need to relocate while it undergoes repairs.
Liability coverage is also part of a renters’ insurance policy. Liability coverage protects a person in case someone is injured while at their residence. The liability coverage on a renters’ insurance policy can cover incidents like:
- Dog bites
- Falls
- Slips
While a renters’ insurance policy covers a lot of basic aspects that should be insured, there are aspects that a renters’ policy will not cover. These can include earthquake coverage and valuables, like jewelry, fine art, and other collectibles. If you are looking for extra coverage, Muller Insurance agents can help you navigate your options and find the coverage you need.
What Is a Condo Insurance Policy?
Condo insurance is a little more complex. In addition to individual units, condos have common areas like hallways. Unit owners aren’t responsible for these areas. Instead, they are protected by separate condo association insurance that the HOA acquires. Protection varies depending on the HOA’s coverage. Typically, condo association insurance is walls-in, meaning it covers common areas, exterior framing, and the walls of individual units. It may also cover flooring and fixtures – provided the unit owner has not altered them. Check with your Homeowners Association (HOA) for details about what your association’s insurance policy covers.
Condo insurance is an insurance policy that covers everything within your condo unit, including the interior structures of the unit. Aspects condo insurance covers include:
- Appliances
- Cabinetry
- Furniture
- Personal possessions
A condo insurance policy from Muller Insurance also provides liability coverage, so if someone is injured while at your condo and wants to bring about a lawsuit, you will be covered. Liability insurance on a condo policy is similar to how it works on a renters’ policy. It will cover someone falling inside your condo or being injured by a dog bite while at your home.
If you want more coverage for other hazards, please call Muller Insurance for further details.
Ask About Bundling Options
If your insurance policies are issued by the same company, ask if the insurance company provides a bundled offer. By bundling insurance policies together, you may be able to save on what you pay for insurance, and the savings may surprise you. You might even be able to throw in your automotive insurance as part of a bundle.
Besides saving money, bundling insurance policies can make your insurance easier to manage. If your insurance is bundled by one company, you’ll have one point of contact if you ever need to file a claim.
Let Muller Insurance Insure Your Condo
Since 1906, Muller Insurance has been in business in Hoboken, New Jersey. We are licensed in over 25 states.
Muller Insurance is an independent insurance agency. That means we aren’t committed to a single provider, but instead, we are committed to our customers. We want to find the best policies for our customers, at the best value.
By being an independent insurance agent, we can shop around for the best value for our customers and can offer several quotes at once. We can also find an insurance provider to cover any specialized policy you might need, like flood or earthquake insurance.
Muller Insurance works with over 25 different insurance agencies. Insurance companies we work with that offer condo or renters’ insurance include:
- Chubb Insurance
- Cumberland Mutual Insurance
- Farmers of Salem Insurance
- Fidelity National
- Fitchburg Mutual
- Foremost Insurance
- Franklin Mutual Insurance
- Narragansett Bay Insurance Company
- National General Insurance
- Philadelphia Contributionship
- Plymouth Rock Insurance
- POM Insurance
- Safeco Insurance
- Stillwater Insurance
- Travelers Insurance
If you need condo or renters’ insurance and want to work with a reputable agent, Muller Insurance should be at the top of your list. To learn more about condo and renters’ insurance policies, contact us today or request a quote.
